The correction in green wave ii/ held nicely above short-term key support at 140.34. The following rally of the 140.36 low is strong a does look impulsive in nature indicating more upside pressure after a temporary set-back into the 140.81 - 140.96 support-area.
Ultimately we will be looking for a break above the former peak at 142.26 towards 147.96 and likely even closer to 156.23.
Only a break below 140.34 will call for a revision of our bullish outlook.
R3: 142.72
R2: 142.24
R1: 141.58
Pivot: 141.45
S1: 141.11
S2: 140.96
S3: 140.81
Trading recommendation:
We are long GBP from 140.71 and we have moved our stop higher to 140.30.
